Main Street Alliance: PPP Extension Critical – and provides opportunity to address sole proprietor needs through retroactive application of current rules

On the bipartisan Senate passage of the PPP deadline extension today, Main Street Alliance Government Affairs Director Didier Trinh had this to say:

“With the Biden Administration’s recent, critical changes to the Paycheck Protection Program, adding a couple more months of eligibility will be key for businesses needing extra time to apply or waiting on opening of industry-specific grant funds. We urge President Biden to sign this extension immediately. There is still a glaring gap in PPP accessibility, however, which is to make the current revenue rules for sole proprietors retroactive, as was done for small farmers last year, so they can access the funds they deserve and desperately need. Over 90% of BIPOC small business owners are sole proprietors, and for many this change came too late. With the extended timeline, there is no excuse not to retroactively address the massive disparities in PPP access and financial support.”